StockNews.com cut shares of Wipro (NYSE:WIT – Free Report) from a buy rating to a hold rating in a research note published on Monday morning.
Separately, Investec downgraded Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $5.60.
Wipro Stock Down 1.3 %
Wipro (NYSE:WIT – Get Free Report) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. As a group, sell-side analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Wipro
A number of hedge funds have recently added to or reduced their stakes in WIT. Millennium Management LLC lifted its holdings in shares of Wipro by 67.6% in the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after purchasing an additional 2,267,995 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Wipro by 72.2% during the 3rd quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock valued at $24,638,000 after acquiring an additional 1,593,619 shares in the last quarter. Marshall Wace LLP purchased a new position in Wipro during the 2nd quarter worth $7,994,000. Jane Street Group LLC boosted its holdings in Wipro by 292.0% during the 1st quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after acquiring an additional 1,001,644 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock worth $10,435,000 after acquiring an additional 867,516 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.
Wipro Company Profile
Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.
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